There are some big changes happening right now in the Greater Charleston area. We usually see a bit of a shift around this time of year, but some of the things we are noticing are pretty atypical.
Over the last three months, we’ve had 5,200 homes come on the market. However, our pending listings have dropped from 3,500 to 3,000 in that same time frame. That’s a significant difference. In addition to that, the price per square foot is in the high $160s right now, but homes are selling for about $134. It tells me that there are a lot of homes on the market right now that are overpriced.
Part of the reason buyer activity has slowed down is because buyers are deciding that homes aren’t just worth what sellers are asking for them and it’s causing a bit of a shift. Will it continue? I have no idea, but it depends on where buyer confidence is above all else. If buyers continue to not buy and decide homes are overpriced, the market will slow down.
If you’ve been thinking about selling your home, right now is the perfect time. In fact, this is one of the best seller’s markets I’ve ever seen.
If you have any questions for me or want any buying or selling advice, give me a call or send me an email. I would love to hear from you soon.